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Credit Cards

Replies: 20 — Last Post July 29 5:20pm by SimplisticComplexity

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( Anonymous )

I have a Captial One credit card and i pay my bills on time by the minimum payment so thats not the problem. But i dont know if my credit card is useful now cuz its a 500 dollar limit card and my new balance is "663.75" and accordin to the bill i have no money for "revolving credit".. does that mean i cant make anymore purchases off my card til i pay the whole balance?

11:30 am on July 24, 2008

Jakev0813

Dairy Product Addict

yea.. im pretty sure.

mcland

Technician

sure

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11:33 am on July 24, 2008 | Joined July 2008 | 13 Days Active
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iimjustbadnews

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credit cards are bad news, debt is the way to go

Micus

Like hell you will
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Paying minimum balance is how so many americans get into credit card debt.

The minimum balance is just the interest over the money you've borrowed... you really aren't paying anything back. You're over your limit now, so the credit card company cut you off. I'd pay it back quickly, else your credit score is going to go down, upping your interest rates and making it harder to get loans.

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Fagotto

tennisplayerV2

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even if you could i wouldn't...you will kill your credit score.

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Narfle the Garthok

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I have perfect credit; credit is a beautiful thing if you know how to play the game, and pay back your debt.

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N e o

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Your technically only allowed to spend up to $500. Get it under $500 and you'll be able to use any amount up to $500.

Paying the minimum balance is a stupid idea.

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N e o

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Quote: from tennisplayerV2 at 12:36 pm on July 24, 2008

even if you could i wouldn't...you will kill your credit score.

Being over the limit is already killing their credit.

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N e o

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Quote: from Narfle the Garthok at 12:39 pm on July 24, 2008

I have perfect credit; credit is a beautiful thing if you know how to play the game, and pay back your debt.

Yup yup... Never spend anything you don't already have.

Good credit will help you get a car, house/apartment, the home theatre system you always wanted, etc... Fuck it up now and it will be a lot harder to fix.

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Just Waiting Here

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Going over you credit limit is going to kill your credit score. You have no revolving credit because you were ONLY supposed to use 500 and no more than that. That already hurts your credit score, and in the future, credit cards are going to give you smaller limits because of that (not to mention it affects you ability to get apartments, and some companies check yuor credit score when buying a cell phone too).

11:42 am on July 24, 2008 | Joined Dec. 2007 | 255 Days Active
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Narfle the Garthok

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Quote: from N e o at 11:41 am on July 24, 2008

Quote: from Narfle the Garthok at 12:39 pm on July 24, 2008
I have perfect credit; credit is a beautiful thing if you know how to play the game, and pay back your debt.

Yup yup... Never spend anything you don't already have.
Good credit will help you get a car, house/apartment, the home theatre system you always wanted, etc... Fuck it up now and it will be a lot harder to fix.

Yes, and like N e o said before paying your minimum is a horrible idea.

Pay off your balance quick since you already exceeded your limit; as of right now your credit score is being destroyed.

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Just Waiting Here

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Quote: from N e o at 11:41 am on July 24, 2008

Quote: from Narfle the Garthok at 12:39 pm on July 24, 2008
I have perfect credit; credit is a beautiful thing if you know how to play the game, and pay back your debt.

Yup yup... Never spend anything you don't already have.
Good credit will help you get a car, house/apartment, the home theatre system you always wanted, etc... Fuck it up now and it will be a lot harder to fix.

Mhm... I'm happy my dad explained all of it pretty well to me, and I have no interest in spending money that's not my own.

I was just talking to my sister about wanting to get a credit card, but only for the sake of building my credit. Small purchases here and there paid back in full monthly, just to help me out in the future :).

11:48 am on July 24, 2008 | Joined Dec. 2007 | 255 Days Active
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sakurag

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Listen to the people here, you already messed up. You got a credit card and don't understand how to use it.

I would pay the $600, cancel the card and wait until you fully understand how to use it.

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N e o

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Quote: from sakurag at 1:00 pm on July 24, 2008

Listen to the people here, you already messed up. You got a credit card and don't understand how to use it.
I would pay the $600, cancel the card and wait until you fully understand how to use it.

Closing the card now will not help the OP's credit. Paying it off and leaving it open will.

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